Exhibit 99.1
Corbus Pharmaceuticals Reports Fourth Quarter 2022 and Year-End Financial Results and Provides Corporate Update
Norwood, MA, March 7, 2023 (GLOBE NEWSWIRE) -- Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP) (“Corbus” or the “Company”), a precision oncology company, today provided a corporate update and reported financial results for the fourth quarter and year-end of 2022.
“The fourth quarter and recent weeks have been a productive period for Corbus as we continue to evolve into a precision oncology company,” said Yuval Cohen, Ph.D., Chief Executive Officer of Corbus. “With the execution of our exclusive licensing agreement for CRB-701, a next generation Nectin-4 ADC, we are excited to have a compelling, differentiated asset in the clinic. Concurrently, we continue on-track to the clinic with CRB-601 supported by our latest pre-clinical data presented at SITC 2022”.
Key Corporate and Program Updates:
Financial Results for Fourth Quarter Ended December 31, 2022:
The Company reported a net loss of approximately $10.9 million, or a net loss per diluted share of $2.61, for the three months ended December 31, 2022, compared to a net loss of approximately $10.3 million, or a net loss per diluted share of $2.46, for the same period in 2021. For the year ended December 31, 2022, the Company reported a net loss of approximately $42.3 million, or a net loss per diluted share of $10.15, compared to a net loss of approximately $45.6 million, or a net loss per diluted share of $11.15 for the same period in 2021.
Operating expenses for Q4 2022 increased by $0.8 million to approximately $10.8 million for the three months ended December 31, 2022, compared to $10.0 million in the comparable period in the prior year. The increase was primarily attributable to pre-clinical costs to support IND filing for CRB-601 offset by decreased clinical trial and drug manufacturing costs, as well as an overall reduction in compensation expense. A reverse stock split of 1-for-30 was effected on February 14, 2023 and all per share amounts except the authorized shares have been retroactively adjusted to reflect the reverse split.
As of December 31, 2022, the Company has $59.2 million of cash and investments on hand which is expected to fund operations through the second quarter of 2024, based on the current planned expenditures.
About Corbus
Corbus Pharmaceuticals Holdings, Inc. (the “Company” or “Corbus”) is a precision oncology company committed to helping people defeat serious illness by bringing innovative scientific approaches to well understood biological pathways. Corbus’ internal development pipeline includes CRB-701, a next generation antibody drug conjugate (ADC) that targets the expression of Nectin-4 on cancer cells to release a cytotoxic payload and CRB-601, an anti-integrin monoclonal antibody which blocks the activation of TGFβ expressed on cancer cells. Corbus is headquartered in Norwood, Massachusetts. For
more information on Corbus, visit corbuspharma.com. Connect with us on Twitter, LinkedIn and Facebook.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating to the Company's restructuring, trial results, product development, clinical and regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations, business strategies, potential growth opportunities and other statement that are predictive in nature. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management's current beliefs and assumptions.
These statements may be identified by the use of forward-looking expressions, including, but not limited to, "expect," "anticipate," "intend," "plan," "believe," "estimate," "potential,” "predict," "project," "should," "would" and similar expressions and the negatives of those terms. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors, including the potential impact of the recent COVID-19 pandemic and the potential impact of sustained social distancing efforts, on our operations, clinical development plans and timelines, which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include those set forth in the Company's filings with the Securities and Exchange Commission. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
INVESTOR CONTACT:
Sean Moran
Chief Financial Officer
smoran@corbuspharma.com
Bruce Mackle
Managing Director
LifeSci Advisors, LLC
bmackle@lifesciadvisors.com
---tables to follow---
Corbus Pharmaceuticals Holdings, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
|
(Unaudited) For the Three Months |
|
|
For the Twelve Months |
|
||||||||||
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Revenue from awards |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
881,705 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
||||
Research and development |
|
6,242,758 |
|
|
|
5,763,601 |
|
|
|
16,136,826 |
|
|
|
36,445,285 |
|
General and administrative |
|
4,554,062 |
|
|
|
4,234,760 |
|
|
|
18,698,619 |
|
|
|
20,425,444 |
|
Litigation Settlement |
|
— |
|
|
|
|
|
|
5,000,000 |
|
|
|
— |
|
|
Total operating expenses |
|
10,796,820 |
|
|
|
9,998,361 |
|
|
|
39,835,445 |
|
|
|
56,870,729 |
|
Operating loss |
|
(10,796,820 |
) |
|
|
(9,998,361 |
) |
|
|
(39,835,445 |
) |
|
|
(55,989,024 |
) |
Other income (expense), net: |
|
— |
|
|
|
|
|
|
|
|
|
|
|||
Other income (expense), net |
|
275,549 |
|
|
|
109,664 |
|
|
|
(48,773 |
) |
|
|
11,899,992 |
|
Interest income (expense), net |
|
(640,954 |
) |
|
|
(390,899 |
) |
|
|
(2,132,091 |
) |
|
|
(1,830,486 |
) |
Change in fair value of derivative liability |
|
96,842 |
|
|
|
(6,853 |
) |
|
|
96,842 |
|
|
|
663,290 |
|
Foreign currency exchange gain (loss), net |
|
186,330 |
|
|
|
25,716 |
|
|
|
(427,436 |
) |
|
|
(384,198 |
) |
Other income (expense), net |
|
(82,233 |
) |
|
|
(262,372 |
) |
|
|
(2,511,458 |
) |
|
|
10,348,598 |
|
Net loss |
$ |
(10,879,053 |
) |
|
$ |
(10,260,733 |
) |
|
$ |
(42,346,903 |
) |
|
$ |
(45,640,426 |
) |
Net loss per share, basic and diluted |
$ |
(2.61 |
) |
|
$ |
(2.46 |
) |
|
$ |
(10.15 |
) |
|
$ |
(11.15 |
) |
Weighted average number of common shares outstanding, basic and diluted |
|
4,171,297 |
|
|
|
4,169,631 |
|
|
|
4,170,675 |
|
|
|
4,094,935 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss |
$ |
(10,879,053 |
) |
|
$ |
(10,260,733 |
) |
|
$ |
(42,346,903 |
) |
|
$ |
(45,640,426 |
) |
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
||||
Change in unrealized gain (loss) on marketable debt securities |
|
80,782 |
|
|
|
(53,478 |
) |
|
|
(63,647 |
) |
|
|
(62,445 |
) |
Total other comprehensive income (loss) |
|
80,782 |
|
|
|
(53,478 |
) |
|
|
(63,647 |
) |
|
|
(62,445 |
) |
Total comprehensive loss |
$ |
(10,798,271 |
) |
|
$ |
(10,314,211 |
) |
|
$ |
(42,410,550 |
) |
|
$ |
(45,702,871 |
) |
Corbus Pharmaceuticals Holdings, Inc.
Condensed Consolidated Balance Sheets
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
||
|
|
|
|
|
|
|
||
ASSETS |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
17,002,715 |
|
|
$ |
25,006,632 |
|
Investments |
|
|
42,194,296 |
|
|
|
72,640,520 |
|
Restricted cash |
|
|
192,475 |
|
|
|
192,475 |
|
Prepaid expenses and other current assets |
|
|
791,616 |
|
|
|
2,365,010 |
|
Total current assets |
|
|
60,181,102 |
|
|
|
100,204,637 |
|
Restricted cash |
|
|
477,425 |
|
|
|
477,425 |
|
Property and equipment, net |
|
|
1,613,815 |
|
|
|
2,392,696 |
|
Operating lease right of use assets |
|
|
3,884,252 |
|
|
|
4,609,110 |
|
Other assets |
|
|
155,346 |
|
|
|
46,385 |
|
Total assets |
|
$ |
66,311,940 |
|
|
$ |
107,730,253 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Notes payable |
|
$ |
353,323 |
|
|
$ |
767,938 |
|
Accounts payable |
|
|
2,173,963 |
|
|
|
1,782,277 |
|
Accrued expenses |
|
|
5,999,252 |
|
|
|
10,093,312 |
|
Derivative liability |
|
|
36,868 |
|
|
|
133,710 |
|
Operating lease liabilities, current |
|
|
1,280,863 |
|
|
|
1,136,948 |
|
Current portion of long-term debt |
|
|
2,795,669 |
|
|
|
3,093,344 |
|
Total current liabilities |
|
|
12,639,938 |
|
|
|
17,007,529 |
|
Long-term debt, net of debt discount |
|
|
15,984,426 |
|
|
|
15,636,275 |
|
Other long-term liabilities |
|
|
22,205 |
|
|
|
22,205 |
|
Operating lease liabilities, noncurrent |
|
|
4,675,354 |
|
|
|
5,956,217 |
|
Total liabilities |
|
|
33,321,923 |
|
|
|
38,622,226 |
|
Stockholders’ equity |
|
|
|
|
|
|
||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares |
|
|
— |
|
|
|
— |
|
Common stock, $0.0001 par value; 300,000,000 shares authorized, |
|
|
417 |
|
|
|
416 |
|
Additional paid-in capital |
|
|
425,196,359 |
|
|
|
418,903,820 |
|
Accumulated deficit |
|
|
(392,080,667 |
) |
|
|
(349,733,764 |
) |
Accumulated other comprehensive loss |
|
|
(126,092 |
) |
|
|
(62,445 |
) |
Total stockholders’ equity |
|
|
32,990,017 |
|
|
|
69,108,027 |
|
Total liabilities and stockholders’ equity |
|
$ |
66,311,940 |
|
|
$ |
107,730,253 |
|